Ibotta’s founder and CEO Bryan Leach and CTO Luke Swanson on day one of Denver’s well-known startup’s relaunch of their mobile app. The complete overhaul of their mobile application took over 9 months and focused on user accessibility after 600 usability tests. May 23, 2017 in Denver.

Mobile retail app Ibotta is joining the ranks of major online services like Soundcloud, Airbnb and Pandora thanks to an investment from Silicon Valley-based investment firm GGV Capital.

Ibotta, started in Denver five years ago, is one of the largest mobile retail apps on the market. The app offers users cash rebates on purchases from retail stores like Target and Walmart, but Ibotta also works with such online businesses as Uber and Ebay.

GGV Capital has invested in nearly 150 different companies in the U.S. and China. Some of its most high-profile investments include e-commerce giant Alibaba and room rental service Airbnb. But the investment firm has also has funded Tile, which makes internet enabled tracking devices for your keys and luggage, and the female-focused online media company Bustle.

The investment in Ibotta signals that tech companies no longer must work out of Silicon Valley to expand, Ibotta founder and CEO Bryan Leach said. He declined to say how much the firm invested in his company.

“It’s increasingly becoming the case that you can have your cake and eat it too, meaning that you can operate here in Denver and still work with leading executives in the world,” Leach said. “This is the first time GGVC has invested in a company in Colorado. It’s a landmark for Colorado and we’re proud of that.”

GGV Capital typically invests companies that are based in Silicon Valley or China. But Ibotta — and Denver — fit the firm well, Leach said.

“The best investors know they can’t wait for teams to walk in their door and ask for money. They need to look for talent,” Leach said. “Denver/Boulder is a talent aggregator. It’s a place bringing in talent because it’s where people want to live.”

The investment announcement is yet another sign of expansion for Ibotta. The company started to double its headquarters space in late May and it wants to hire more than 90 new employees by the end of the year. Across the company’s 23 million app downloads, Ibotta has given more than $230 million in cash back rewards, according to Ibotta’s website.

GGV Capital managing partner Hans Tung said Ibotta, like many of its high-profile investments, has potential for greater success. Tung also said that with a well-built user interface, Ibotta has centralized cash back rebates, which he believes plays an important role in the e-commerce experience.

“Historically, consumers had to jump through hoops to get a cash rebate,” Tung said. “What Ibotta did was make a very centralized experience. Shop, buy, consume. It’s so well-designed and seamless. Very quickly, you know you got your rebate. It makes the whole experience much more pleasant.”

Tung also said Ibotta has a team of executives with geographically diverse backgrounds and they understand the whole country. Ibotta also has demonstrated knowledge of the mass market.

“You can see this as a market player not just in the U.S., but outside of the U.S. as well,” Tung said. “To do that well, it’s hard to do it in New York, Los Angeles or San Francisco. It works well in the Midwest. Bryan (Leach) chose to build in Denver, which was very smart and very strategic. We want to make investments outside of the typical San Francisco and L.A. market. If other companies in Denver are multi-geographical, making a mass-market product like Ibotta has, we want to invest more in Denver.”

Leach said the strong networking community within GGV Capital gives Ibotta more opportunities to work with other large tech companies.

“The main thing is access to companies GGV works with around the world,” Leach said. “We can start meeting with them, getting dinners. We can compare notes.”

While GGV Capital’s investment in Ibotta puts the company next to elite tech businesses from around the world, Leach said Ibotta is still far from reaching its lofty goals of changing the consumer market.

“Until I feel like everyone has Ibotta on their front screen, until we’re a household name, we’ve got a lot of work to do,” Leach said. “Our team is ambitious. We want to change the world.”

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